At a Glance: Croatia property is all about the Adriatic

by Charlotte Ashton Croatia United Kingdom

Croatian property is all about the Adriatic Coast, according to TheMoveChannel.com’s At a Glance infographic, which analyses the country’s real estate just as it joins the EU. What can European buyers learn about their newest neighbour? Split is the place to be, with the Split-Dalmatia County accounting for almost half of Croatia enquiries in the past 12 months.

 

The infographic, which charts the activity on the property portal over the last year, highlights the link between the country’s tourist industry and housing market, as investors look almost exclusively at real estate located along the country’s southern shore.
The Split-Dalmatia area, famed for its picturesque beauty, is popular with overseas visitors and dominates investor demand: the county was responsible for 44.69 per cent of enquiries, while the city of Split itself is the most sought-after destination in Croatia. Indeed, 15.4 per cent of people searching for property by location looked straight to Split.
Some buyers were torn between Split and another location: the island of Hvar, also located in the Split-Dalmatia County, which accounted for 14.93 per cent of searches. Together, the region’s two most popular destinations accounted for almost one-third (30.33 per cent) of searches on TheMoveChannel.com.
The only other location to attract significant attention was the city of Dubrovnik, which accounted for 1 in 10 (10.33 per cent) searches in the 12 months to June 2013. Indeed, Dubrovnik is another tourist hotspot next to the Adriatic. Its stunning shoreline helped drive up demand for property in the Dubrovnik-Neretva County, making up one quarter (24.15 per cent) of all property enquiries.
The third most popular county in Croatia is Istria, another main destination for holidaymakers, which was responsible for 16.43 per cent of enquiries. Sibenik-Knin County also received 7.33 per cent of enquiries, located next to Split-Dalmatia, while Istria’s neighbour, Primorje-Gorski Kotar, took 4.59 per cent.
All of these counties have one thing in common: the coastline. Areas away from the Adriatic, including the capital Zagreb, attracted less than 1 per cent of enquiries, while counties in the east of the country received no interest from buyers at all.
 The At a Glance infographic also depicts buyer behaviour on Google over the past year. In the 12 months to June 2013, buyers searched most for “property in Croatia” and “Croatia property”. The most popular type of property in the country is “houses for sale in Croatia”, occurring in an average of just over 300 searches in each quarter. “Villas for sale in Croatia” occurred in far fewer searches, although they were noticeably more popular than apartments, which featured in no searches.
 Searches for “Croatia property” and “property for sale in Croatia” visibly dipped in the fourth quarter of 2012 before rebuilding from the seasonal slowdown in the first half of 2013. Searches for “Property in Croatia”, though, have steadily increased over the past 12 months, rising to be 140 per cent higher in the second quarter of 2013 compared to the third quarter of 2012.
Click here to see the full infographic.
Editor Ivan Radford comments:
“Croatia´s accession to the EU arrives at a point where interest in the country’s real estate is already on the up. The country has become increasingly familiar to people around the world thanks to the TV show Game of Thrones, which is partly filmed in Dubrovnik. But while the programme may see people fighting over who will rule Westeros, TheMoveChannel.com’s At a Glance infographic shows Croatia’s real estate is clearly dominated by one thing: the Adriatic Coast. Like many property markets, Croatia depends heavily on its tourist industry and the beautiful beaches of Split, Hvar and Dubrovnik repeatedly attract holiday home hunters. Indeed, in 2012, they were the places to see property sales increase last year, according to the Croatian Association of Realtors, while the country has lifted restrictions on foreign ownership of real estate for EU citizens to encourage investment further. As wider curiosity continues to grow, Croatia’s accession to EU has arrived at a time where it could significantly boost overseas investment.”
Notes to Editors 
Founded in 1999, TheMoveChannel.com is the leading independent website for international property, with than 400,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.
The website address is http://www.themovechannel.com and the office address is 24 Jack´s Place, Corbet Place, Spitalfields, London, E1 6NN. The website address of Lead Galaxy is http://www.leadgalaxy.com
Contact Dan Johnson on 0207 952 7650 for further information.

 

Competition hots up as OPP Awards for Excellence 2013 entry deadline approaches

by Charlotte Ashton United Kingdom

International property developers, agents and associated companies have less than a month to enter the prestigious OPP Awards for Excellence 2013 and the competition is certainly hotting up!

Over 100 entries have been promised to the OPP Awards team with property professionals from all four corners of the world keen to see their hard work, dedication and excellence rewarded.
Xavier Wiggins, CEO of OPP and Organiser of the awards, comments,
“The OPP Awards for Excellence, which have been running since 2008, recognise the best talent in the international property industry. Following on from the success of last year´s awards, we have expanded the breadth of accolades to 35 with new categories for best small, large and new estate agency as well as the best property investment advisors.
“With less than a month to go we have had more entries than ever before and are excited to get the independent judging process underway shortly.”
This year´s OPP Awards for Excellence carry no entry fee (for the first category) with applications welcome up until midnight GMT on Friday 2nd August 2013.
The independent judging process will commence immediately after the entry deadline closes and be strictly adhered to under the (non-voting) chairmanship of the OPP Editorial Director, John Howell with over 50 industry leaders coming together to select the best of the best.
Marc Pritchard, Sales & Marketing Manager at Spanish house builder Taylor Wimpey España has entered this year´s awards, he explains why,
“Having not entered any industry awards for 10 years, it had to be something pretty special to attract us. With the 2013 awards now being free to enter, it creates a level playing field with developers of all shapes and sizes able to compete fairly. We are highly confident of the merit of our entry and look forward to discovering just who is the Best Developer in Europe at the Gala Dinner”
Sponsored for the second year running by website Rightmove Overseas and foreign exchange specialists Smart Currency Exchange, the OPP Awards for Excellence will be presented at the glittering OPP Awards Gala Dinner on Wednesday 27th November in London´s Natural History Museum.
With less than a month to enter, call +44 208 540 2224 for more information.

Property Inspector: How to invest in land in 10 minutes

by Charlotte Ashton United Kingdom
TheMoveChannel.com’s Property Inspector, taking a closer look at global real estate each month.
In April, a building plot in the Cayman Islands took the highest number of enquiries on TheMoveChannel.com. In fact, three out of the 10 most popular listings were land investments, as investors seemed to turn away from property in search of more stable investments. With interest in land on the up, this month’s podcast explores the pros and pitfalls of land. Is the asset the answer to a post-crisis global economy? What is the best investment strategy?
The Inspector tracks down Ray Withers, CEO of investment agency Property Frontiers, to get some answers.

What kind of land opportunities are out there? 
There are two types of land we tend to get involved with: building plots and agricultural. You buy to either hold and sell on at capital appreciation or your build on it yourself, or there’s agricultural, which is more of a yield play, where you get a stable yield over typically a relatively medium to long term, 10 to 15 year period where the crop grows and you get a percentage of the harvest when it comes through.

There’s the perception of land as being a more stable asset than property. Is that true?
The reason we’ve been investing in building plots is it suits a lot of investors from a capital appreciation point of view. Ultimately, the value accrues on the land vs bricks and mortar. Of course, the cost of the building does change with inflation but that doesn’t in my opinion increase anywhere near as the property market in certain areas. For example, in the US where we’re doing a lot, many areas are appreciating miles or have already and they’ll have the prospect to appreciated because of the crash in 2007 or 2008, they’ve got the potential to increase miles ahead of inflation.

What about agricultural land?
Farmland at the moment is rushing ahead of all other assets. In the UK, values rose 8.2pc in 2012, according to Smiths Gore…
Fundamentally, there’s increase in industrialisation and population across the world. That means there’s an increased demand for commodities such as timber and food and the right classes can be lucrative, but you’ve got to look what’s out there and see how likely it is to do what it says on the tin.

What are the risks involved in investing in agricultural land?
You’ve got to be very careful where you buy and do your research. Fundamentally, there’s a global increase in industrialisation and population across the world meaning that there’s an increased demand for commodities such as timber and food and the right classes can indeed be lucrative, but you’ve got to check on the detail of what is being presented and see how likely it is to do what it says on the tin you need ask the question “is there likely to be strong demand for that asset in the future?
How can investors double-check to be on the safe side?
One of the key things is to do your own independent research on the company and people behind the land investment, do they have a solid track record and experience in this or at least a similar asset classes? What are the risks and what has been done to mitigate any risks? Where is the end market for the product and has this been quantified and demonstrated clearly?
Are there advantages of land investments over straight real estate investment?
As long as it has the relevant permissions in place, you’ve got more options of what you can do. So for example, an investment we’re doing at the moment in South Carolina, USA, most of the investors are choosing to buy and hold because the market is increasing or it’s hit rock bottom and is already increasing, but a couple are choosing to build. It gives you a number of options depending on what your exit strategy is.

As markets start to recover, in the US and UK particularly, there is a drive towards construction for new homes. Does that make now the best time invest in land?
Because of the fact the value accrues from the land itself, the key is buying at the right time. With the UK, there are opportunities, but the reason I’m putting my personal money and we’re working in the US is purely because the prices have fallen a lot over the past few years. It’s a once in a lifetime opportunity to invest now.

How much of your own money have your put in?
Well…
Click here to listen to the full investigation.
Notes to Editors
Founded in 1999, TheMoveChannel.com is the leading independent website for international property, with than 400,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.
The website address is http://www.themovechannel.com and the office address is 24 Jack´s Place, Corbet Place, Spitalfields, London, E1 6NN.
Contact Dan Johnson on 0207 952 7650 for further information.

 

Growing demand for family homes in Surrey sees Millgate open second show home this Saturday

by Viv United Kingdom

Classic design and relaxed living go hand-in-hand at Regency Place in Walton-on-the-Hill, where this weekend the second Millgate show home is opening its doors at 10am. 

This exclusive collection of six country homes has proven incredibly popular already with the New England style interior impressing three downsizing couples who had been searching for the perfect home now that the children have flown the nest.

Leaving behind their larger properties, these buyers were looking for homes still within Surrey but which were easier to maintain and had the feeling of space that their previous homes had offered.  Perfectly situated on a quiet residential road, walking distance to one of the finest golf courses in the area and just under a mile to the picturesque village of Walton-on-the-Hill, Regency Place ticks all the boxes.

Jonathan Cranley, Sales and Marketing Director of Millgate, comments:

“One of my favourite villages in Surrey, Walton-on-the-Hill has everything you would want from a quiet out-of-London life but still be just 40 minutes away from the heart of the Capital.  The village has the most delightful pond, a very historical church and a selection of quality shops and eateries.

“We have been delighted with the interest that this development has received over the past few weeks since launch and our partners, Alexander James Interiors, always seem to blend the character of the local area with every house that they dress.  The warm and relaxed, natural look combines perfectly with clean lines and luxurious pieces of furniture are guaranteed to woo.”

Richard Saunders, Director of appointed selling agents, comments on the feedback his team has received on Regency Place:

“We have not had a soul through the doors of Regency Place who has not been blown away by the beautiful composition of a luxury house with the most incredible interior design.  You really have to see a Millgate house to understand.  It is like stepping into a 7* luxury hotel suite – yet it is the entire house that is set to that quality.”

To experience for yourselves this inspirational living, visit Regency Place, Hurst Drive, Walton-on-the-Hill, Surrey, KT20 7QT this weekend.

Laidback luxury nestled in a highly desirable location with generous accommodation priced from £1.45 million, contact Millgate now for further information on 0118 934 3344 or visit www.millgatehomes.co.uk to www.luxuriouswatches.co.uk arrange a private viewing appointment.

Talkin’ ‘bout my generation: 5 top tips for finding the perfect baby boomer pad

by Charlotte Ashton United Kingdom

Millions now in their 50s and 60s will be familiar with iconic British band, The Who, and their hit My Generation. Little did they know that the lyrics they were singing as teenagers in bedrooms up and down the land would aptly describe the baby boomer generation and the challenges they face today.

Since 1965, when this record was first released, life expectancy has increased by almost a decade from 71 years to 80 years today and subsequently shifted the structure of British society. Indeed when The Queen ascended the throne 60 years ago, there were a mere 300 centenarians, now there are 13,120 resulting in Her Majesty having sent an astonishing 111,000 telegrams and messages to those who have reached their 100th year to date in her reign.
A growing ageing population and an inversion of the traditional demographic pyramid can no longer be ignored. The latest data from the Office of National Statistics (ONS) predicts that by 2034, 23% of the population will be aged 65 and over compared to just 18% aged under 16.
And as people live longer they will undoubtedly need a support structure to ensure quality of life in those latter years with many looking towards their children for help as the role of care giver is reversed.
If you are in this situation as Jane Slade, Founder of over 50s website Retiremove.co.uk found herself, and are helping your parents plan their future accommodation needs then check out these 5 Top Tips for finding the perfect pad for your baby boomer:
1.     Search for retirement accommodation that is available locally to where your parents are living; most older people don’t want to move far from family and friends.
2.    Check out any single level properties which are walking distance from shops and local transport; you have to think ahead to the day when your parents won’t be able to drive or one of them is left on their own.
3.     Depending on budgets, see if there is a nice retirement village with lots of facilities on site that your parents would enjoy. Specially designed villages are great if you worry about your parents’ safety, are stimulating environments for making new friends and ideal if your parents want somewhere they can lock up and leave because they want to spend more time travelling or staying with family and friends.
4.      If your parents want to move abroad or further away in the UK from where they are living now, make sure there are good medical facilities nearby and an active social environment for them to make friends and groups to join such as the University of the Third Age.
5.     Try to meet some of the people who already live in a retirement community locally so you can see what it is like from a resident’s perspective, and also to see if your parents would fit in.
Indeed, both practical and emotional considerations play a role in how you can help your parents prepare for retirement, but having these measures in place can give parents peace of mind and the comfort of knowing that their children have a plan in place.
Jane further comments,
“From a personal level, from helping my own parents, that there are so many issues and complexities involved as people get older and that it can be a very difficult exercise trying to fathom what to do.
“The process can also be incredibly emotional. When I was researching nursing homes for my father after he had become immobile through Parkinson´s Disease I nearly gave up until I found one that had a library, conservatory and a bar where he could entertain his friends – I literally cried with joy. There are options out there, you just have to look in the right places and ask the right questions.”
Retiremove.co.uk offers a roundup of useful information and anecdotal interviews of retirees that have made the move, to provide inspiration and encouragement for people helping loved ones make their next move.
For more information visit www.retiremove.co.uk or contact Jane Slade on jane.slade@retiremove.co.uk.

Notes to Editors
Retiremove is dedicated to providing articles and information about property and lifestyle issues for the over 50s.
If you are seeking independent advice about downsizing, moving into a retirement village or investing in a property that will generate income for your grandchildren you have come to the right place.
You won’t find the words ‘old age’, ‘elderly’ or ‘infirm’ on our site as we are either children looking to help our parents make the next move; influencers and advisers such as solicitors, accountants or GPs wanting to assist our older clients and patients or simply retirees looking for a new life and adventure.
With a third of the population destined to be over 55 by 2025 retirement property is already a hot topic; so it is important to have up-to-date information sourced by the best journalists in the country at your fingertips to help you make that next exciting move.

Property investment rush on Grenada as Citizenship by Investment programme revived

by Charlotte Ashton United Kingdom

The exquisite Caribbean island of Grenada is set to become the latest territory to offer residency through the revival of a Citizenship by Investment programme.

 

Already successfully adopted by nearby islands St Kitts and Dominica, this strategy will undoubtedly vastly increase popularity and levels of interest in the island offering property investors rights of citizenship along with the associated visa free travel benefits.
Ray Withers, CEO of multi award-winning international investment agency, Property Frontiers, comments,
“We have long been believers in the Grenada market which has performed well over recent years and continues to outpace its Caribbean rivals. However, the government recently announced a policy that is expected to drive unprecedented levels of growth – Citizenship by Investment.
“Due for approval this summer, the Citizenship by Investment programme will almost certainly boost property prices as investors from all over the world rush to snap up the limited supply of housing on the island. The world´s wealthiest are coming to Grenada so we are urging our clients to get there before them and reap the rewards!”
Predicted to be the fastest growing Caribbean market between 2011 & 2021 (WTTC), Grenada is located in the most southern point of the Grenadine Islands, only 12 degrees above the equator.  The island boasts secluded coves and hidden beaches, world-class diving and snorkelling in around the colourful reefs, hiking trails through the Etang National Park and untouched neighbouring islands. And the capital St. George’s boasts one of the best seafronts in the Caribbean as well as bustling spice markets, a historic fort, colourful houses, ancient stone buildings and the Carenage natural harbour.
Investors are eagerly snapping up investment opportunities on ‘The Spice Island’ due to the high hotel occupancy rates, spectacular scenery, and the fact that property investment in Grenada has excelled through the recession – inching up the league table of hot investment destinations by outdoing its Caribbean rivals.
One property development poised to benefit dramatically from this new Citizenship by Investment scheme is the 5* Bacolet Bay Beach Resort & Spa, located on a secluded 300m long stretch of sandy beach yet only 15 minutes from Grenada’s international airport.
Currently under construction and occupying a prime location at one of the highest points of the resort, the spacious Cinnamon Suites boast direct Caribbean Sea views and a world-class designed interior. Available at 25% below independent valuations, from $287,250 with a 3 year rental guarantee from 7.2% pa and 4 weeks personal usage, these luxurious hotel suites offer a solid yield through rental as a hotel property and a defined, realistic exit.
For more information on the impending Citizenship by Investment programme or how to invest in the Cinnamon Suites, contact Property Frontiers today on +44 1865 202 700 or visit www.propertyfrontiers.com.

Welcome to Gerrards Cross: Britain’s third wealthiest postcode

by Viv United Kingdom

Last month, John Hills, professor of social policy at the London School of Economics, published “Wealth in the UK: Distribution, Accumulation and Policy”, which revealed that 1 in 10 households now has a net wealth of more than £967,200.

  • 1 in 10 UK households now have a net wealth of almost £1,000,000
  • SL9 8 – Gerrards Cross – achieves 3rd position in top 20 wealthiest postcodes
  • New Millgate development in GX receives over 900 visitors in 15 weeks

Thanks to the long housing boom, many people have become millionaires (on paper at least) without having to earn a penny. However, in order to benefit you had to be a homeowner prior to 2005 and young people who have bought expensive houses since then are likely to have enormous mortgages.

According to Experian the wealthiest postcodes in Britain included Gerrards Cross (SL9 8) in at third position, only tipped to the post by Oxshott, Surrey in second (KT22 8) and Totteridge, Hertfordshire in first place (N20 0).

Expensive leafy neighbourhoods with large detached, gated homes and fancy cars on the driveway might be the first obvious sign of wealth but in the Home Counties this is a familiar sight, so what else apart from bricks and mortar makes an area ‘wealthy’?

Indeed Experian revealed that wealth does not always go hand-in-hand with the size of your house. London’s most expensive penthouse at One Hyde Park, SW7 1 sold recently for £136 million and whilst this area boasts the priciest postcode in the UK in which to purchase property, the wealthiest area was in fact Totteridge in N20 8 where net wealth is not negatively affected by vast mortgages as most own their homes outright.

Jonathan Cranley, Sales and Marketing Director for Millgate, the award-winning Home Counties builder, comments on Gerrards Cross’s high ranking and wealth,

”Gerrards Cross is undoubtedly a desirable places to live and is often referred to as ‘mini Hollywood’ due to its celebrity residents who have included Cilla Black, Paul Daniels, Val Doonican, Fern Brittan and more recently a whole host of well-known footballers.  People move here for a more relaxed pace of life than London and often because house prices are more affordable than Central London.

“With direct trains to London Marylebone taking as little as 18 minutes, this up-market town is a dream for many commuters. Gerrards Cross is considered very well-heeled with an aesthetically pleasing High Street boasting an array of independent retailers that sell top-notch goods, quality ladies clothing, luxury gifts and local food. If you add into the mix a choice of incredibly well regarded state and public schools, you can see why so many move from London to this picturesque small town.”

But it’s not just commuters moving to the area. Just recently a Japanese drugs company choose the business park between Gerrards Cross and Chalfont St Peter to base its new UK operation meaning that the villages will be “at the forefront of drug development in the UK” said a spokesperson from Daiichi Sankyo.

Millgates’ own new development, Alderbourne Place in Gerrards Cross has proven extremely popular also, visited by 933 people in 15 weeks.  Cranley explains:

“Alderbourne Place really has been the talk of the town since we opened the Show Home with many visitors keen to see what a quality new build house is really all about.  The interest and positivity from the local community has been terrific and with that has come many genuine purchasers looking to buy including upsizers, downsizers, side steppers and London leavers!”

Alderbourne Place enjoys a perfect blend of seclusion and comfort which offers the best of town and country living, nestled in rolling green-belt countryside.  This fabulous new development consists of 8 impressive country homes and 4 town houses reflecting meticulous attention to detail with architectural integrity, yet again setting the benchmark for building excellence.

These new homes will have an unrivalled pedigree to match their desirable location with generous accommodation finished to an outstanding specification priced from £930,000 for a town house and from £2,100,000 for a detached country house.

To ensure you don’t miss out on this exceptional opportunity to purchase a home in the third wealthiest postcode, contact the Millgate team for further information or to arrange a viewing on 0118 934 3344 or visit www.millgatehomes.co.uk.

155% increase in hotel investment in the most popular country in the world – Germany

by Charlotte Ashton United Kingdom

With its chequered past and fondness for Speedos, Germany might not spring to mind as the most popular country in the world but according to this year’s annual Country Ratings Poll for the BBC World Service, this EU economic powerhouse takes top spot.

  • Germany named as most popular country in the world (BBC World Service poll)
  • Ranked Europe’s most attractive destination for foreign investors in 2013 (Ernst & Young)
  • 55% increase in German hotel investment in Q1 2013 vs Q1 2012 (Savills)

 

Surveying 26,000 people internationally, the BBC found that 59% rated Germany’s influence on the world as positive, three points higher than 2012.
The appeal of Europe’s most populous country was further echoed in Ernst & Young’s attractiveness survey Europe 2013 which saw Germany ranked as the continent’s most attractive destination by 38% of investors surveyed, ahead of neighbouring France and the UK. And indeed if foreign direct investment levels are an indication of investor confidence, then Germany presents a good bet with 624 FDI projects making it one of Europe’s top destinations (along with the UK).
Ray Withers, CEO of multi award-winning investment agency, Property Frontiers, comments,
“It’s all too easy to view Europe as a whole and assume that the economic crisis has affected each nation equally. It is simply not the case. Whilst the PIGS (Portugal, Italy, Greece and Spain), France and number of other eastern European countries have entered recession, tough austerity measures by Chancellor Merkel have resulted low unemployment and robust growth, continuing to make Germany an attractive investment destination.”
The property market in particular is receiving high levels of investor interest with the CEO of Savills Germany, Marcus Lemli, stating that “Germany is currently the target of choice by many international investors…accounting for half of transaction volume last year.” Within the real estate arena, Savills also reported a 155% increase in German hotel investment in Q1 2013 compared to Q1 2012 suggesting a surge in interest in this lucrative asset class.
Ray Withers further comments,
“As an asset class, hotel room investment had previously been solely within the realms of institutional investors and funds but now we have structured an opportunity for individuals to own a hotel room and enjoy the high returns available.
“Our exclusive luxury 4* operational hotel room investment opportunity, AlpenClub, capitalises on the massive demand for accommodation in Bavaria, the most popular tourism destination in Germany. The initial allocation sold out within 18 days of launch and now due to client demand, a further allocation of 20 spacious rooms from £47,198 is now available offering a 10 year fixed return leaseback and assured NET yield averaging 10.33%.”
For more information about investing the hotel sector in the most popular country in the world, Germany, please contact Property Frontiers today on +44 1865 202 700 or visit www.propertyfrontiers.com.

Property Inspector: Business as usual in Cyprus?

by Charlotte Ashton United Kingdom
TheMoveChannel.com’s Property Inspector, taking a closer look at global real estate each month.
Go back two months and everyone was talking about Cyprus. Taking drastic measures to secure an EU bailout and keep the island’s economy afloat, the crisis dented confidence in the country’s property and the euro at large. With British expats reportedly looking to leave and prices continuing to drop, Cyprus looked sunk.
  • “Probably the most active period since the recession”, agent tells TheMoveChannel.com podcast
  • Residency permits “definitely helping” the market, attracting buyers from China, US, Lebanon and Jordan
  • Paphos property most popular with Chinese investors
  • Weak euro and strong dollar to boost Asia investment in Europe, says UKForex
  • Scandinavian bargain hunters taking advantage of low house prices and weak euro
Now, though, figures from the Department of Lands and Surveys suggest that overseas buyers are starting to return. Attracted by low prices and a new residency scheme designed to bring in non-EU buyers, transactions jumped in Larnaca, Famagusta and Paphos in April 2013 compared to March, while sales to foreign investors in Paphos are now 7 per cent higher than April last year.
With Cypriot enquiries on TheMoveChannel.com on the up, we ask: it business as usual in Cyprus? And is now really the time for non-EU investors to be looking at the euro?
The Inspector interrogates Denise Kay, Sales Manager of Sold on Cyprus, to find out the state of the market and tracks down David Nicholls, Alliance Manager at currency broker UKForex, to see which way the exchange rates are blowing.

Click here to listen to the full investigation.

Denise, now the panic has died down a bit, what’s it like in Cyprus? How would you describe the property market?
“It’s probably the most active period since the recession, particularly with our local buyers – possibly a slight loss of confidence in the banks has made them look at putting money into property. It’s been a positive period after such a difficult few weeks.”
Is interest from overseas buyers still there, despite that lingering image?
“I think overseas buyers are quite attracted by the fact our prices have lowered – not only lowered, but because of the banking situation, we now have opportunities of properties that are being returned to the bank, which means Cyprus has a market that we haven’t had in the past 11 years since I started working here. We also have the incentive of permanent residency, which is getting a lot of interest from non-European countries.”
Lots of agents are now focusing on Chinese demand for the residency permit. How important are non-EU buyers to keeping Cyprus’ property market active? 
“We have actually got an agent based in Beijing and yes, there has been interest there, mainly for people who are business clients who wish to travel around Europe freely. Not just from China, also the Middle East. I’ve had for the first time ever American and Canadian clients, people from Lebanon, Jordan… We’ve had really mixed interest and that’s helping the international market definitely.”
Are there specific areas you find buyers are looking at?
“My company concentrates mainly on the East side between Larnaca and Famagusta but Paphos has always been very popular with the British market. That’s been mainly attractive to the Chinese. They have confidence once they see other Chinese investors buying in the area.”
What about people who have already bought properties? Have you seen a notable increase in sellers in the wake of the bailout?
“I don’t see that there’s been a massive change in the numbers, not according to my statistics anyway. There’s always a cycle, this is mainly my British market, they do so many years and then put their property on the market. It seems a normal amount of people are returning to Britain for one reason or another, just as we have a normal amount of people coming out to retire and it’s all personal reasons really. I haven’t seen a massive rush to sell.”
So would you say it’s business as usual? 
“The main business that suffered during the recession was the investment side; the relocation and retirement business continued. The reasons people come to Cyprus have still remained. It’s the buy-to-let market that did suffer but they’re coming back because the prices are lower so the figures work.”
What do you think the outlook for the future is like? Will the market remain as it is?
“This year, the last couple of months, it’s really increased. The relocation business has slightly increased, investors are coming back, international buyers are coming… I’m not sure the prices will go up but buyers will increase without a doubt.”
David, estate agents may be fairly confident about the state of the Cypriot property market, but what about the wider euro?
“The eurozone as a whole is obviously not in a great state, to be honest… In terms of the strength of the euro, generally it’s euro vs. the US dollar and the US economy is doing better, so you expect dollar strength, probably further euro weakness. That will feed through into Asian currencies as well. If you’re seeing Asia demand in Europe at the moment, you’d expect that to increase.”
Cyprus is one of the worst-hit countries by the recession. As in Italy and Spain, house prices have dropped – or are still dropping. How much are the current exchange rates helping investors to find bargains? There’s a feeling that the weak pound is encouraging people to invest in the UK…
“The pound isn’t doing that great against the euro. The London market is massive for people in the eurozone, particularly Italians and French. I think you still have Brits buying overseas and you might find people in the UK taking interest in places where house prices have gone down a little more but they do tend to want financing – apart from the wealthy Brits. We see them in France and the US. You might see similar movements in Cyprus over the course of the next 12 months as things start to calm down.”
There are an increasing number of countries who have introduced – or are looking to introduce – residency permits for non-EU buyers…
“The residency permits in Dubai have been a pretty big boon over the last eight months, but although attracting outside investment from Asia is very appealing, the Scandinavians are big buyers in Europe for the very simple reason that their currency has gotten a lot stronger. It’s still cold in Scandinavia so they still like buying in the hot countries and if they can pick up a bargain, they do it. Spain is in there but Cyprus may be as well.”
Is it business as usual in your part of Europe? Get in touch with the Property Inspector at Facebook.com/TheMoveChannel or tweet @TheMoveChannel.

At a Glance: Hungary buyers have appetite for Budapest

by Georgina United Kingdom
Buyers of property in Hungary have an appetite for Budapest, TheMoveChannel.com’s At a Glance reveals. The infographic, based on activity on the property portal in the past 12 months, shows that real estate in the country’s capital is the most popular, accounting for almost four in 10 (38.28 per cent) of all Hungarian property searches.
•Budapest accounts for 4 in 10 Hungary property searches and 3 in 10 enquiries
•Heves generates 1 in 4 Hungarian enquiries, demand driven by spa resorts
•Heves enquiries up over 50pc in Q1 2013 from Q4 2012
 •Google searches for Hungarian property down in past 12 months
Budapest benefits from having one of the highest profiles in Hungary among foreign investors. Indeed, many buyers search specifically for known areas within the city, with Budapest District V, District VII and District VI all appearing in the top 10 most searched-for locations. Together, searches for property in the city and those three regions account for almost half (48.4 per cent) of all Hungary searches on TheMoveChannel.com.
That demand continues through to the purchase stage, with Budapest real estate generating 29 per cent of all Hungarian enquiries on the site. But Budapest has competition from another in-demand destination: Heves. The region is famous for its therapeutic hot springs, which have given rise to increasingly popular resorts. Heves now accounts for one quarter (24.95 per cent) of Hungarian enquiries.
Somogy is the third favourite destination for buyers, responsible for 13.24 per cent of enquiries. The region is also significantly sought-after, with Karad and Siofok both appearing in the top 10 most searched-for destinations, together accounting for 6.38 per cent of all searches. Heves, by contrast, is only the subject of 2.10 per cent of searches, suggesting that buyers on TheMoveChannel.com are attracted to Heves for specific developments rather than a general interest in the area.
The At a Glance infographic also charts activity on Google over the past year. Prospective buyers most commonly search for “property for sale in Hungary” and are particularly interested in “houses for sale in Hungary”. Villas or apartments for sale in the country, on the other hand, appear in no Google searches at all. Overall, searches for Hungarian property have actually decreased in the last year, suggesting that buyers remain too cautious to return to the recession-hit housing market.
Editor Ivan Radford comments:
“European investors such as the Irish have always had a taste for Hungary´s capital city, particularly before the recession, but the At a Glance infographic reveals the increasing importance of other groups in the Hungarian real estate market. Holiday home hunters are turning to towns such as Somogy’s Siofok for the picturesque surroundings of Lake Balaton, while Russia´s expanding middle class are investing in developments such as the Saloc International Resort & Spa in Heves, which now drives a significant proportion of Hungarian activity on TheMoveChannel.com.
“Searches for Hungarian property may be decreasing on Google, but enquiries on TheMoveChannel.com have remained consistent in Budapest over the last 12 months, while a range of opportunities in Heves have seen enquiries peak in March 2013, rising 53 per cent in the first quarter of 2013 compared to the previous quarter. If that trend continues in the coming 12 months, appetite for Heves could well eclipse the existing craving for Budapest property.”
Click here to see the full infographic
Notes to Editors 
Founded in 1999, TheMoveChannel.com is the leading independent website for international property, with than 400,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.
The website address is http://www.themovechannel.com/ and the office address is 24 Jack´s Place, Corbet Place, Spitalfields, London, E1 6NN.
Contact Dan Johnson on 0207 952 7650 for further information.